When the dollar speaks, everyone listens.

A recent development in Luxembourg quietly illustrates a reality that is often discussed in theory but rarely seen so clearly in practice.

Spuerkeess has closed the bank accounts of the International Criminal Court (ICC) following US sanctions targeting the institution.

You may ask why.

Did Luxembourg changed its position on the ICC? No.
Did the government withdrew its support? No.

Just because of a simple structural fact: banks cannot operate internationally without access to the US dollar.

And access to the dollar means access to American financial infrastructure and therefore exposure to American sanctions.
As Luxembourg’s finance minister explained during the parliamentary debate, if a bank loses access to US correspondent banks, it effectively loses the ability to operate globally.

In other words: the power of the United States in global finance does not only come from politics or military strength.
It comes from the central role of the dollar in the international financial system.

This case shows how that power can travel far beyond American borders, shaping decisions made by institutions thousands of kilometres away.

It also raises an important question for Europe: how much financial sovereignty is possible in a system where the plumbing of global payments is controlled elsewhere?

Not a new debate.
From the digital euro to alternative payment infrastructures, European policymakers are increasingly aware of the strategic importance of financial rails.

But awareness is only the first step.
Because as this episode reminds us, the real issue is not ideology. It is infrastructure.

Who controls the rails often controls the outcome.
And in today’s system, those rails still run largely through the dollar. 🧡